DLF enters into an agreement to acquire 29-acre land in Gurgaon for Rs 825 crore
real estate developer DLF has acquired 29-acre land in Golf Course Extension Gurgaon for Rs 825 crore with a development potential of 7.5 million sq ft.
The developer, who has huge land bank in the region, has done the acquisition after many years.
According to the regulatory filing by the company, it has entered into an agreement with Standard Chartered Bank, Singapore Branch, DB International (Asia) Limited, Singapore and Deutsche Investments India Private Limited for purchase of privately placed, listed, secured, non-convertible, redeemable bonds of face value of Rs 600 crore on which the bond issuer has defaulted in repayment of the said bonds including accrued interest thereon.
“The company, directly or through its affiliates, intends to acquire overall rights and interest in land parcel admeasuring 29 acres having estimated development potential of up to 7.5 million square feet, after following due process of law. Out of the identified land, about 25 acres forms part of the mortgaged land,@ DLF said in the regulatory filing.
Accordingly, the company has entered into an agreement with the bond holder, wherein the company will purchase the said bonds at a negotiated consideration of Rs 825 crore and would assume the rights of the bond holder.
The Company is purchasing the bonds as a strategic investment. Further, the company, directly or through its affiliates, would acquire rights and interest in the remaining portion of the land, through separate binding agreements with the bond issuer.
